Dubai Ruler reconstitutes boards of ICD and Housing Establishment

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in his capacity as Ruler of Dubai, on Tuesday issued Decree No. 17 of 2012 setting up the board of Investment Corporation of Dubai (ICD).

Shaikh Mohammad will be the chairman of the board. Other board members will include Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, Deputy Chairman of the Board, and Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates Airline and Group, and Mohammad Ebrahim Al Shaibani, Director of the Dubai Ruler’s Court, who will also serve as chief executive of the ICD.

The decree comes into effect from the date of its issuance and is to be published in the official gazette.

Shaikh Mohammad, in his capacity as Ruler of Dubai, issued Decree No. 18 of 2012, setting up the Mohammad Bin Rashid Housing Establishment board of directors under the chairmanship of Mohammad Ebrahim Al Shaibani. Husain Nasser Lootah will serve as Deputy Chairman. Other board members include Sultan Butti Bin Majran, Abdullah Ahmad Al Habbai, Abdullah Fadel Al Mazroui, Obaid Saeed Bin Mishar, and Sami Abdullah Gargash. The decree comes into effect from the date of its issuance and is to be published in the official gazette.

Shaikh Mohammad also issued Law No. 9 of 2012 amending some bylaws of Law No. 8 of 1997 regulating the Dubai Chamber of Commerce and Industry.

The new law amends Article No. 8 of the old law regarding the responsibilities and jurisdictions of the chamber to help it achieve its goals. The Chamber now has the authority to register natural and legal persons who are licensed to practice activities listed in Article No. 7 of the law. The Chamber will be able to provide them with certificates and documents that help them carry out their trade procedures and activities.

The Chamber will be able to issue certificates of origin for various exported and re-exported materials and products, attesting signatures and stamps, as well as any other documents and certificates related to trading activities of registered members. Dubai Chamber will also be able to submit its opinion on legislations pertaining to the regulation of economic affairs and trade, and conduct studies on draft laws and regulations implemented by the specialised authority.